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All Journal Gadjah Mada International Journal of Business
Rayenda Brahmana
Faculty of Economics and Business Universiti Malaysia Sarawak
Economics, Econometrics & Finance

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Debunking the Monday Irrationality through the External Affection of Investors Rayenda Brahmana; Chee-Wooi Hooy; Zamri Ahmad
Gadjah Mada International Journal of Business Vol 18, No 1 (2016): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (305.477 KB) | DOI: 10.22146/gamaijb.9293

Abstract

This study aims to reveal the mechanism of the influences of the full moon and high temperatures on investors’ Monday irrationality. In contrast to other studies, this research was built under a retroductive approach by using a time series quasi experimental study. Investors were directly assessed for their irrationality by using an adapted psychometric test on 4 occasions. The results indicate that there were indeed effects of the full moon and high temperatures on investors’ irrationality. Because the full moon and high temperatures frequently occurred on Mondays, it is most probably those two variables that were the drivers of the Monday irrationality. In the end, we concluded that the rational behaviour assumption can no longer be held. Instead of rationality, the investors were quasi rational. The utility function of Von Neumann-Morgenstern in decision making has to be replaced by the hedonic utility.
Co-Authors Chee-Wooi Hooy Zamri Ahmad